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Became Law

Description

Land preservation tax credit; allowable time to claim credit. Extends the amount of time a taxpayer is allowed to claim the land preservation tax credit to either (i) December 31 of the second year following the calendar year of the eligible conveyance if the conveyance was made on or after January 1, 2020 or (ii) December 31 of the third year following the calendar year of the eligible conveyance if the conveyance was made before January 1, 2020. Under current law, the credit must be claimed by December 31 of the first year following the calendar year of the conveyance. Amends § 58.1-512, of the Code of Virginia.Read the Bill »